✅Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral ⏩How to Buy a House in 2024 - ruclips.net/video/pPzK5gzlOg8/видео.html ⏩NEVER Buy These Types Of Houses - ruclips.net/video/-Nez9Q16Ui0/видео.html 🏠First Time Home Buyer Course - www.becominghomewise.com
It’s no coincidence that this buyers concession practice changed when 1/4 to 1/3 of real estate investors are large hedge fund investors or wealthy investor buyers. Suddenly they pass law to absolve the seller from paying buyers agent. Coincidence?
Great video Jeb. Out of the hundreds of videos I have watched on this subject, yours is the best by far. I believe that when the sellers finally learn of this huge change, many will only pay their listing agent 3%, and refuse to pay any buyer agent fees. I also feel that this will hold true for those special or rare listings that pop up suddenly, when the property is a sought after home, admired by everyone.
Oh look, because someone got greedy acting like they didn't know the process caused all of this. Always certain people who ruin the entire process. These very same people are now probably kicking themselves in the a$$ now, because essentially everyone buys another home.
I don’t disagree. I actually saw an article yesterday where the attorneys are asking for over 1/3 of the entire settlement amount something like 32+ million dollars+...... where the plaintiff in the case are each getting like 20 bucks 😂
You can also choose to represent yourself and not let it muddy the waters. I see a spike in that and also a spike in listing agents and way less buyer's agents. Regardless from what I'm seeing on MLS is just a loophole where seller's are still offering comp.
@@agjr85 I see a company giving people access to MLS for a monthly fee while they are looking for a home to buy, while also partnering with law firms to work as title companies for the transactions and maybe even setting up with a mortgage broker to be a all in one site for home buyers. That would nearly eliminate the need of a buyer agent. Tech makes this possible and very simple:
@@JebSmith your welcome smashing the thumbs up is the least someone can do to help support and grow your channel thanks for the knowledge and education 😀
Buyer or Seller a good agent is worth their weight in gold. The trick is finding a good one. Why should they work for free indeed? This change is not about payment to the agents its about access to the data on housing nationwide and who controls it, this is what is changing. Look over there, while we change the data infrastructure over here. Information is power.
Good grief. They added one thing to the forms and everyone loses their minds. If you’ve never read these contracts, you are just reacting to life, and not living.
So I can have no representation? I don’t need an agent to represent me. I can complete an RPA offer, I understand all the disclosures required, open title and escrow, qualify myself for financing and negotiate my own terms.
Hi Jeb, amazing content! Thanks! Few related questions - I heard most of the production builders are still willing to pay buyer’s agent compensation for new construction from what I heard. What is your experience with builders sharing that info, in your local markets?
honestly, I don’t deal with a lot of new construction, but whatever I’ve heard from comments from others on my videos, are that in areas with high demand and where supply is moving quickly, a lot of builders are opting out of compensation, whereas in other markets where it’s a bit slower and they have more supply, they are still offering it in those areas. I would love to know whatever you find out.
I predict a massive drop in showings, sales, and agents. No buyer is going to sign up in advance to pay a 2.5%. This means you must call the listing agent for a showing. No more vacant w lockbox easy days for listing agents or listing agent must prequalify and go meet for EVERY showing.
Don't sign a buyers agent agreement. Just call up the listing agent and view the property. And if you like it, work with the listing agent to get the concession from the seller. This will save the buyer some money that would otherwise go to a buyers agent.
It all depends on how the seller is paying it............If they are paying it in a seller directed way directly to the buyers agent then No it will not go into your mortgage but if they are paying it as concessions where you increased the price then yes in theory you would be financing it.
interesting....... I know a lot of new construction builders have opted out of paying commission recently, especially in markets where there is still a lot of demand. That said, they are in the business of selling homes so if they have more supply than they have demand, there is a good chance they will continue to pay compensation, what market are you in?
We are trying to buy our 1st home what a nightmare from trying to find an honest FHA 203k lender for a fixer upper because of prices to an honest realtor 🙄
And what if I buy it directly from the sellers agent without using a buyer agent? Do I still have to pay a commission to the seller agent in that case scenario?
Absolutely! It's possible to complete a transaction without representation, provided that you're comfortable navigating all the legal and financial obligations involved. It's advisable to consult with a real estate attorney and have them review the contract to protect your interests. Also, remember that the agent representing the seller has their best interests in mind. Best of luck with your purchase!
The sellers agent will help you close the deal like she's representing you. You are not required to pay the sellers agent. In fact you get buyers concession money directly! So now you can just go see any propery yourself, like it, buy it.
As a first time home buyer who is currently talking to a real estate agent and gonna start putting in offers soon this is pretty scary news. It seems like we first time home buyers just keep getting stomped on by “the forces that be” lol 😂🥲
Let your agent guide you and help you to understand it. At the end of the day, you can negotiate not only with your agent about compensation but also have your buyers agent negotate with the seller in how that compensation may be paid. It won't be nearly as bad as many think, imo.
Thanks for replying! My gf and I have been watching your videos for a few months now. You provide great info!! Ok that sounds like a plan. We are meeting with him tomorrow! 🤞
✅Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
⏩How to Buy a House in 2024 - ruclips.net/video/pPzK5gzlOg8/видео.html
⏩NEVER Buy These Types Of Houses - ruclips.net/video/-Nez9Q16Ui0/видео.html
🏠First Time Home Buyer Course - www.becominghomewise.com
Very good breakdown of the changes. Nice to have some clarification in these confusing times.
Thank you!!!!!!
Appreciate the constant updates. As a first-time homebuyer, your videos have been essential.
Keep em comin
Appreciate the support
It’s no coincidence that this buyers concession practice changed when 1/4 to 1/3 of real estate investors are large hedge fund investors or wealthy investor buyers. Suddenly they pass law to absolve the seller from paying buyers agent. Coincidence?
@@cristinacruz6493 a lot of agents were getting paid for doing practically nothing
I don't think there is any correlation.............it's done from a point of transparency from all sides.
Thanks for the education is super helpful. I think seller will continue paying the buyer compensation.
Great video Jeb. Out of the hundreds of videos I have watched on this subject, yours is the best by far. I believe that when the sellers finally learn of this huge change, many will only pay their listing agent 3%, and refuse to pay any buyer agent fees. I also feel that this will hold true for those special or rare listings that pop up suddenly, when the property is a sought after home, admired by everyone.
Wow, thanks!
Oh look, because someone got greedy acting like they didn't know the process caused all of this. Always certain people who ruin the entire process. These very same people are now probably kicking themselves in the a$$ now, because essentially everyone buys another home.
I don’t disagree. I actually saw an article yesterday where the attorneys are asking for over 1/3 of the entire settlement amount something like 32+ million dollars+...... where the plaintiff in the case are each getting like 20 bucks 😂
Thanks for the breakdown Jeb. Great 👍 information
Glad it was helpful!
You can also choose to represent yourself and not let it muddy the waters. I see a spike in that and also a spike in listing agents and way less buyer's agents. Regardless from what I'm seeing on MLS is just a loophole where seller's are still offering comp.
@@agjr85 I see a company giving people access to MLS for a monthly fee while they are looking for a home to buy, while also partnering with law firms to work as title companies for the transactions and maybe even setting up with a mortgage broker to be a all in one site for home buyers. That would nearly eliminate the need of a buyer agent. Tech makes this possible and very simple:
You can definitely choose to respresent yourself............that's always an option.
Great video!! Thank you!
Glad you liked it!
You have giving me so much information. Thank you❤
You are so welcome!
Smashed the thumbs up good stuff
really appreciate the support
@@JebSmith your welcome smashing the thumbs up is the least someone can do to help support and grow your channel thanks for the knowledge and education 😀
Jeb Smith, My guy, your content is on point. Collab in the future?
Appreciate it.....🫶. Send me an email with what you have in mind
Thank you.
🫶
Technically there is a lot less work for buyer agent. There should be a flat fee for Buyer agent .
Definitely not true.......buyers agent typically do more work
Lmao no it’s not. There’s a reason why most agents prefer working with sellers over buyers.
@JebSmith yeah, a few hundred bucks worth maybe.
Buyer or Seller a good agent is worth their weight in gold. The trick is finding a good one. Why should they work for free indeed? This change is not about payment to the agents its about access to the data on housing nationwide and who controls it, this is what is changing. Look over there, while we change the data infrastructure over here. Information is power.
If buyer try to pay buyers agent to make their offer more competitive, why not just put it on your offer price…..
Good grief. They added one thing to the forms and everyone loses their minds.
If you’ve never read these contracts, you are just reacting to life, and not living.
So I can have no representation? I don’t need an agent to represent me. I can complete an RPA offer, I understand all the disclosures required, open title and escrow, qualify myself for financing and negotiate my own terms.
That's right. The sellers agent will work with you to close the deal and get concession money as well.
Hi Jeb, amazing content! Thanks!
Few related questions - I heard most of the production builders are still willing to pay buyer’s agent compensation for new construction from what I heard.
What is your experience with builders sharing that info, in your local markets?
honestly, I don’t deal with a lot of new construction, but whatever I’ve heard from comments from others on my videos, are that in areas with high demand and where supply is moving quickly, a lot of builders are opting out of compensation, whereas in other markets where it’s a bit slower and they have more supply, they are still offering it in those areas. I would love to know whatever you find out.
Writing here from Austin, TX.
I predict a massive drop in showings, sales, and agents. No buyer is going to sign up in advance to pay a 2.5%. This means you must call the listing agent for a showing. No more vacant w lockbox easy days for listing agents or listing agent must prequalify and go meet for EVERY showing.
Don't sign a buyers agent agreement. Just call up the listing agent and view the property. And if you like it, work with the listing agent to get the concession from the seller. This will save the buyer some money that would otherwise go to a buyers agent.
Listing agents are telling me they won't show the home without a signed buyers agent agreement 🤷🏻♂️
@@difficult_aardvark you are free to see the property unrepresented.
So if you putting the buyers agent commission in the offer of a house, does that increase the mortgage? I’m confused
It all depends on how the seller is paying it............If they are paying it in a seller directed way directly to the buyers agent then No it will not go into your mortgage but if they are paying it as concessions where you increased the price then yes in theory you would be financing it.
My realtor said as long as I purchase new construction that the seller will pay her fee.
interesting....... I know a lot of new construction builders have opted out of paying commission recently, especially in markets where there is still a lot of demand. That said, they are in the business of selling homes so if they have more supply than they have demand, there is a good chance they will continue to pay compensation, what market are you in?
@@JebSmithBirmingham, Alabama
We are trying to buy our 1st home what a nightmare from trying to find an honest FHA 203k lender for a fixer upper because of prices to an honest realtor 🙄
It's doable though....just keep to the plan. Where are you located?
@@JebSmith Arkansas
You can guess what country Jeb is from based on the shirt alone! 😂
I don’t even know what that means, enlighten me
Is the sellers agent allowed to show the home to potential buyers if they don't have their own representation yet?
Yes as long as they are working on behalf of the seller, they can show the property to buyers without representation.
SO WHO PAYS THE SELLER’S AGENT THAT IS LISTING THE HOUSE?
The seller
Are you still allowed to be a dual agent in New York State?
Yes, New York State does allow dual agency, but the consent of both the buyer and the seller is required in writing.
Real Motivated sellers will continue to pay. If rates drop significantly then maybe not because there will be more demand
Agreed..............the market will dictate a lot of what happens.
@@JebSmith yup! Buckle up! Lol
And what if I buy it directly from the sellers agent without using a buyer agent? Do I still have to pay a commission to the seller agent in that case scenario?
Absolutely! It's possible to complete a transaction without representation, provided that you're comfortable navigating all the legal and financial obligations involved. It's advisable to consult with a real estate attorney and have them review the contract to protect your interests. Also, remember that the agent representing the seller has their best interests in mind. Best of luck with your purchase!
The sellers agent will help you close the deal like she's representing you. You are not required to pay the sellers agent. In fact you get buyers concession money directly! So now you can just go see any propery yourself, like it, buy it.
@@mikeatgoogle501 Thank you! I was wondering if I was supposed to pay the sellers agent as well.
No buyer's agent compensation is basically an agent/broker admitting they're an idiot 😂
It's not the agent/brokers choice.
@@JebSmith of course it is, you either educate your seller on why you should include buyers compensation or you don't work with them. Pretty easy.
Times have been good for buyer's agents, minimal work for lots of money. No more 🎉
To buyer's agents: find a new job.
Wasting so much time seeing properties with a buyers agent when you can do all that yourself.
As a first time home buyer who is currently talking to a real estate agent and gonna start putting in offers soon this is pretty scary news. It seems like we first time home buyers just keep getting stomped on by “the forces that be” lol 😂🥲
Let your agent guide you and help you to understand it. At the end of the day, you can negotiate not only with your agent about compensation but also have your buyers agent negotate with the seller in how that compensation may be paid. It won't be nearly as bad as many think, imo.
@@JebSmith Hi Jeb. Is it all still the same amount of money being paid, just a change in how it is paid?
Thanks for replying! My gf and I have been watching your videos for a few months now. You provide great info!! Ok that sounds like a plan. We are meeting with him tomorrow! 🤞